Iran's offshore oil production to rise

Jul 29, 2001 02:00 AM

Iran's oil production from offshore oilfield will reach 1.1 mm bpd, from the current level of 660,000 bpd, by the end of the Third Five-Year Development Plan (2000-2005). Managing Director of Iran's Continental Shelf Oil Company Abulqasem Hassani said several offshore fields are being developed by foreign oil enterprises, including the French Total.
These contracts are in the form of buy back deals which can guarantee achieving a production ceiling of 1.1 mm bpd, he said. Buy back contracts, he said, are justified because of the lack of necessary domestic financial support to develop the country's oil and gas fields. Production from Iran's offshore oil fields will stand at 700,000 bpd at the end of the current Iranian year (March 21, 2002), he said.

Hassani further pointed out that Iran's gas production from Dalan-Kangan, which is the country's only continental shelf gas field, will reach a daily output of some 500 mm cf at the end of the Third Plan. A contract to the effect has been signed with Petro-Iran, he said.

Source: IRNA
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